Company Insight

Update coverage with BUY call and target price of VND 38,100

Kinh Bac Urban Development Corporation (KBC) is one of the leading enterprises in the field of developing industrial parks (Ips) and urban real estate projects. Kinh Bac owns projects in all three regions of Vietnam, in big cities such as Bac Giang, Hai Phong, Da Nang, Ho Chi Minh, and Long An. We update our valuation for KBC stock following its expansion of over 1,300 ha and equity issuance in Q2/2025. Based on the RNAV valuation method, we assess KBC’s fair value at VND 38,100. Amid global tariff uncertainties, we believe KBC can navigate through volatility and achieve strong growth in 2025: (1) Stable FDI inflows continue to support land leasing demand, and (2) A series of approved industrial park and urban.